[AzzarTheGod]

Originally Posted by Spyder73 [You must be logged in to view images. Log in or Register.]

One of my co-workers is legit obsessed with crypto currency right now but from what I can tell the only way to actually cash it in is to trade it to other individuals who are willing to buy. So lets say you needed $2500, you would need to convince one of your buddies to pay you $2500 USD for your crypto currency...I guess Bitcoin is the most popular and would be the most stable, but apparently there are tons of different crypto currencies.

There are websites that look like they can convert crypto into USD for you but man o man does it seem super sketch

There are trading exchanges. Its not some fly by night nonsense. Its definitely unregulated, but at least SOME international banking regulations apply to the biggest exchanges. The anonymity involved has 99.9% of banks completely hands off, so the bank that these exchanges use is not always "legit" and some are possibly more risky than say, Bank of America. That is the cost of not complying with post 9/11 anonymity standards.

Mt. Gox was one of them idk if its still operating but that used to be the gold standard for setting bitcoin price.

You do realize the exchange dictates the price, its not just made up.